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Apple Rotten on ‘Cliff,’ Tax Worries: Pros

Worries about the "fiscal cliff," changes in margin requirements, loss of the "Steve Jobs premium" – there was no shortage of reasons for why Apple's stock was on track to end the week lower, CNBC's "Fast Money" traders said Friday.

"Whatever the reason is, you are seeing an accelerated move each and every day, the couple of days to the downside," OptionMonster's Pete Najarian said. (Read More: 'Panic Selling' to Drive Apple Down Another 20 Percent: Top Analyst)

Najarian, who holds long positions in Apple, wasn't buying – or selling.

"I have yet to find a reason for me to dip back into Apple presently," he said. "This stock seems to be stuck in this little bit of a range, and I think there are other opportunities out."

(Read More: John Sculley: Does Apple Deserve 'Steve Jobs' Premium?)

Apple traded lower nine out of the past 11 weeks, erasing approximately $150 billion in market capitalization.

Jon Najarian, co-founder of OptionMonster, said that the flip side of that number is that the stock added $150 billion in market cap "as it ran from those March opening numbers … until it got to $705."

"I think this is all cliff and tax related selling here," he said. "I don't think it's core."

The so-called "fiscal cliff" would trigger tax increases and federal spending cuts if Washington lawmakers fail to reach a budget agreement.

Najarian also didn't believe that Apple's recent stock performance was related to margins.

(Read More: Apple 'Becoming Just Another Stock': Santoli)

In fact, he expected Apple shares to bounce back after they hit the "death cross," which is when the 200-day moving average crosses its 50-day moving average, using historical instances to support that thesis.

"As it has done twice in the past in 2008 and 2011, when it did that, it made big moves to the upside," he said.

"You don't add to it until the final week of December," he added. "I see better opportunities."

Joe Terranova of Virtus Investment Partners offered a different view of the stock.

"It looks most like a bond. It's a bond-friendly type of asset. That's why I want to own it," he said.

(Read More: Trading Apple Near Its 'Death Cross')

Terranova said that investors had to weigh the chances for the number of iPhones sold to hit 50 million by the time Apple reports quarterly earnings.

"The reason that it traded down 9 of 11 weeks, why did that begin? It began on the conversation of iPhone 5 constraints. You wanted to order an iPhone 5 online, it took you two to four weeks," he said.

Orders now take three business days, he added.

Stephen Weiss of Short Hills Capital said Apple needed more of a "wow" factor, calling its 2012 product launches "just improvements to existing products."

The iPhone 5, he asked, "Is it available because there's less of an appetite?"

Weiss said that he didn't think Apple's high-flying stock prices would be back anytime soon.

"Those hyper-growth days are over," he said.

Trader disclosure: On Dec. 7, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long C; Stephen Weiss is long JPM; Stephen Weiss is long BAC; Stephen Weiss is long SCCO; Stephen Weiss is long FCX; Stephen Weiss is long FXI; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long STSI; Jon Najarian is long FCX CALLS; Jon Najarian is long AAPL CALLS; Jon Najarian is long JPM CALLS; Jon Najarian is long FB CALLS; Jon Najarian is long MSFT CALLS; Jon Najarian is short GLD Puts; Jon Najarian is short AGQ Puts; Jon Najarian is short KKR Calls; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long YUM; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM.

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